You can skip through all of that "response time" and "colors", and you want minimal "input lag". Response time is how fast the pixel changes, but does not say how late it starts the change compared to the input signal (from GPU).
I know of 2 sites that do input lag test (links are to HP ZR24W, which is my ideal monitor, although can't say I can afford it):
The test are done using the clone settings from a GPU and for reference they use a CRT.
I play iRacing, which is a racing sim, and in sliding situations, a Dell 20" monitor showed me what a difference input lag can make (the Dell had a huge lag compared to an LG 32" TV). I'm not a fast driver, but with the Dell I had no successful recovery from spins. With the TV, I noticed that I can recover some.